#Brazil🇧🇷: regulator plans to fine banks and payment systems serving illegal casinos and betting

#Brazil🇧🇷: regulator plans to fine banks and payment systems serving illegal casinos and betting

The project (PL 3,403/2023) proposes to include debit and credit cards, #PIX and Electronic Available Transfer (TED) as official payment methods on online platforms. In this regard, the responsibility to implement procedures to detect and prevent transactions related to online betting falls directly on payment institutions.

🔤 If the project is approved, banks and payment systems that collaborate with unlicensed operators can be fined an amount exceeding 100 times the value of the transactions.

🔤 Supporters of such radical measures argue that online betting is harmful, as it "increases household debt"🤯. Statistically, citizens with lower incomes are the most frequent bettors. Thus, even a relatively small amount like 58 reais (11.66 USD) - the average monthly expenditure of passionate Brazilian gamblers on sports betting - represents 20% of the budget of low-income families. Senators from the Digital Law and Communications Committee (CCDD) believe that these funds would be better invested in retail...

🔤 Legal instances: after being reviewed by CCDD, the project must pass through the Economic Affairs Commission (CAE). Subsequently, It will then be sent to the Constitution and Justice Commission (CCJ). In case of excessive disputes, the project will be submitted for voting during the Senate's plenary session.

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